How do claim gifts on IRS tax forms?

Answer by  Amy21 (460)

Yes you would claim gifts on a tax form. But it depends on the amoutnof the gift. There are certain guildlines that the government go by to detrmine that. It also depends on what kind of s gift it is. If it is a monetary gift the that is considered income.

Answer by  Kurt (4579)

You do not have to declare gifts received to the IRS unless it meets a certain threshold of more than $ 13,000.

Answer by  Cecilia (2828)

A gift is not generally considered income, but it depends on how you received it. If it was from a relative or friend, they will have to file the tax form as there is a lifetime limit. If it was a 'gift' on a game show, the rules are different.

Answer by  OldMrGoober (40)

Gifts are not taxable to recipients. However, the person making the gift may be subject to the gift tax which would require an IRS form 709.

Answer by  hyperkid (470)

You can start by looking up publication form 950 where they can tell you what you can and cannot claim from gifts.